The Millennials are considered the most entrepreneurial generation among the workforce. Given the unique traits and characteristics of this generation, understanding and predicting entrepreneurial intentions (EI) among Millennials will go a long way in facilitating new venture creation and start-up culture in the country. One way Millennial professional can put this mindset to work is by starting their own firms.
As per GEM Survey 2016-17 it has found increase in the rate of entrepreneurial intention to 14.9% compared to 9% 2015-16. While the fear of failure rate has decreased to 37.5% from 44% in 2015-16. According to the report, a comparison of India with its peers in BRICS economies suggests that perceived opportunity is the highest and perceived capability is the second highest among all.
Owning a business offers tremendous freedom and rewards that are difficult to find elsewhere. What’s more, it can also give you an opportunity to begin shaping the future of the CA/ CS and law profession.
There are many reasons firm ownership can be a great career path for young, entrepreneurial CA, CS and lawyers. These include:
The practice profession will become increasingly exciting for people who are naturally entrepreneurial. As technology evolves and compliance work gets easier to deliver, practicing CA, CS, Lawyers (professionals) have a huge opportunity to take on a much bigger role in providing business advisory services.
With the new technology advancement, practice can be looked as more of the analysis we can provide than for data entry.
Example for a CA in practice: We can place less emphasis on rear-facing services, such as audit and tax, and more on providing our clients with future-focused services, such as forecasting. Thanks to new developments in technology, even smaller firms are now able to cater to clients by looking at historical data trends and perform analysis to help them make better business decisions in the future.
Just consider how many small businesses could benefit from having not only good financial data, but good business advice derived based on that data.
A CS in practice will be able to make compliance work more efficient through technologies such as cloud computing and employ increasingly powerful analytic tools. Such tools will provide easy access to accurate data and meeting the compliance on time.
The beauty of running your own practice is you have far greater control over the work performed. You decide which niches you want to focus on, how large or small to keep your practice and which clients to focus on. The ability to delegate the work to staff is also a crucial skill that can lead to far greater independence. Professionals who are willing to let others take responsibility are able to grow their firms and take on new challenges. With the right set of people, over time you can free yourself from many routine tasks in practice through good management and team development.
The freedom to set one’s own schedule may be one of the most attractive aspects of owning any practice. In the beginning — whether a CA, Cs or Lawyer is starting or buying a practice — the hours tend to be long.
Once established, though, professionals who work for themselves have the freedom to focus on areas they enjoy. To do this, professionals must learn the art of practice management skills, including the ability to attract and focus on the right clients, pricing the services correctly, finding, hiring and training good staff, and manage and delegate well. Owners themselves need to be driven, smart, and hardworking in order to get their practices to the point where they can enjoy a high degree of work-life balance — but the payoff can be extremely rewarding. Some CAs say that instead of working for billion-dollar-revenue clients, we were saving small and mid-size business clients or in year-end planning. It meant a lot to them and their families as they can achieve work life balance.
The need for energetic innovators in a changing practice profession
Young professionals are incredibly creative and are finding ways to get what they want from their careers. Their leadership has the potential to bring about some extremely positive changes not only to the profession but to the economy as a whole. For professionals with good leadership skills who desire a greater degree of freedom, ownership can be an attractive career option.